Nyx, Image Entertainment extend merger closing date to April 20

By Lisa Kerner

Charlotte, N.C., April 3 - Nyx Acquisitions, Inc., an affiliate of Q-Black, LLC, said it will exercise its option under an agreement with Image Entertainment, Inc. and extend the closing date of the companies' proposed merger to April 20 from April 6.

The extension will become effective upon Nyx's deposit of an additional $1.5 million into an Image Entertainment trust account by April 6.

Image Entertainment and Nyx had extended the closing date to April 6 from March 20. The merger had been slated to close on Feb. 26.

As previously reported, Nyx can extend the closing date to May 4 if it notifies Image Entertainment by April 16 and adds a further $3 million to the interruption fee, depositing the extra by April 20.

In November, Image Entertainment announced that it agreed to be acquired by Nyx for $2.75 per share in a transaction valued at about $100 million, including the assumption of Image Entertainment debt.

Image Entertainment is an independent licensee, producer and distributor of home entertainment programming in North America. The company is based in Chatsworth, Calif.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.